proprietor purchase an printer through own individual credit card than how to entry ?
This query is : Open
lalit jain
(Querist)
08 January 2017
i (proprietor) purchase an printer through own individual credit card (not company crefit card) than how to entry ? in accounting software?
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Hitendra Jain
(Expert)
09 January 2017
Any expense of business which is meet out by the proprietor is a capital contribution. In such case Debit the expense and Credit the capital account. In accounting software just pass a journal entry / journal voucher for the transaction.
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Mithun Agarwal
(Expert)
09 January 2017
By Printer A/c (fixed assets)
To Capital A/c
To Capital A/c
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CA Suresh Jain
(Expert)
09 January 2017
write a suitable narration to the entry e.g. ------------(make of the printer) purchased from M/s. ............................vide bill No. ......................dated......................capitalized. The payment was made by Proprietor from his CC and hence Capital account is credited.
lalit jain
(Querist)
09 January 2017
@mrs. n jain where to entry? journal or purchase?
Hitendra Jain
(Expert)
10 January 2017
A Purchase voucher is created when and item which is ordinarily be sold by the entity is procured. As per query it seems that the printer is purchased as fixed asset then a journal entry required to be passed.
It may be passed in following way.
Printer [ No. if more than one] Account Dr.
To Proprietors Capital Account
[Being printer procured by the proprietor from own fund. Ref - 1 Credit card transaction dated ................... Ref. 2 Vendor name, Date of Invoice]
It may be passed in following way.
Printer [ No. if more than one] Account Dr.
To Proprietors Capital Account
[Being printer procured by the proprietor from own fund. Ref - 1 Credit card transaction dated ................... Ref. 2 Vendor name, Date of Invoice]
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CA Suresh Jain
(Expert)
10 January 2017
Yes it is to be passed as Journal entry
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lalit jain
(Querist)
10 January 2017
thanks to all
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